3D Systems Reports Third Quarter 2023 Financial Results


3D Systems Corporation
Unaudited Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2023 , 2022
 
  Nine Months Ended
(in thousands) September 30, 2023  September 30, 2022
Cash flows from operating activities:   
Net (loss) income before redeemable non-controlling interest$(70,169) $(97,342)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:   
Depreciation, amortization and accretion of debt discount 27,054   28,264 
Stock-based compensation 15,140   31,508 
Loss on short-term investments 6   2,609 
Non-cash operating lease expense 6,552   4,796 
Provision for inventory obsolescence and revaluation 6,061   646 
Provision for bad debts 197   329 
Loss (gain) on the disposition of businesses, property, equipment and other assets 51   (365)
Provision for deferred income taxes and reserve adjustments 141   1,666  
Loss on equity method investment   747        
Asset impairment   14,856       2,359  
Changes in operating accounts:      
Accounts receivable   (11,706 )     (1,513 )
Inventories   (23,106 )     (30,342 )
Prepaid expenses and other current assets   (2,790 )     2,562  
Accounts payable   (7,717 )     (1,666 )
Deferred revenue and customer deposits   1,351       (3,468 )
Accrued and other liabilities   (16,066 )     12,387  
All other operating activities   (12,495 )     (4,879 )
Net cash (used in) provided by operating activities   (71,893 )     (52,449 )
Cash flows from investing activities:      
Purchases of property and equipment   (20,995 )     (17,055 )
Purchases of short-term investments         (384,406 )
Sales and maturities of short-term investments   180,925       112,050  
Acquisitions and other investments, net of cash acquired   (29,241 )     (84,705 )
Net cash provided by (used in) investing activities   130,689       (374,116 )
Cash flows from financing activities:      
Purchase of non-controlling interests         (2,300 )
Taxes paid related to net-share settlement of equity awards   (4,752 )     (10,195 )
Other financing activities   (463 )     (486 )
Net cash (used in) provided by financing activities   (5,215 )     (12,981 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,561       (7,911 )
Net increase (decrease) in cash, cash equivalents and restricted cash   55,142       (447,457 )
Cash, cash equivalents and restricted cash at the beginning of the year (a)   391,975       789,970  
Cash, cash equivalents and restricted cash at the end of the period (a) $ 447,117     $ 342,513  

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